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Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2013

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2010-2011-2012-2013

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2012

 

 

( 1 )     Clause  2 , page 2 (after table item  6 ), insert:

6A.  Schedule 1, items 10A to 10E

Immediately after the commencement of item 8 of Schedule 3 to the Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Act 2012 .

1 July 2013

[product dashboard]

( 2 )     Clause  2 , page 2 (after table item  8 ), insert:

8A.  Schedule 1, item 12A

Immediately after the commencement of item 22 of Schedule 3 to the Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Act 2012 .

1 July 2013

[information relating to investments]

( 3 )     Clause  2 , page 2 (after proposed table item  8A ), insert:

8B.  Schedule 1, items 12B to 12P

Immediately after the commencement of item 8 of Schedule 4 to the Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Act 2012 .

1 January 2013

[Fair Work Commission]

( 4 )     Clause  2 , page 3 (cell at table item  17 , column 1), omit the cell, substitute:

17.  Schedule 1, items 38 to 42B

 

 

[MySuper product; Fair Work Commission; administration fee exemption; percentage-based administration fee cap]

( 5 )     Clause  2 , page 4 (after table item  19 ), insert:

19A.  Schedule 1, item 47A

Immediately after the commencement of item 12 of Schedule 4 to the Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Act 2012 .

1 January 2013

[Fair Work Commission]

( 6 )     Clause  2 , page 5 (after table item  29 ), insert:

29A.  Schedule 1, items 119A to 119C

Immediately after the commencement of item 13 of Schedule 4 to the Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Act 2012 .

1 January 2013

[Fair Work Commission]

( 7 )     Schedule  1 , page 9 (after line 17) , after item  10 , insert:

10A  Paragraph 1017BA(1)(c)

Repeal the paragraph, substitute:

                     (c)  that the information set out in each product dashboard about fees and other costs is updated within 14 days after the end of a period prescribed by the regulations; and

10B  Subsection 1017BA(2)

Repeal the subsection, substitute:

             (2)  The product dashboard for a MySuper product must set out:

                     (a)  the following, worked out in accordance with the regulations in relation to the period or periods prescribed by the regulations:

                              (i)  a return target or return targets for the product;

                             (ii)  a return or returns for the product;

                            (iii)  a comparison or comparisons between return targets and returns for the product;

                            (iv)  the level of investment risk that applies to the product;

                             (v)  a statement of fees and other costs in relation to the product; and

                     (b)  any other information prescribed by the regulations.

10C  Subsection 1017BA(3)

Repeal the subsection, substitute:

             (3)  Subject to subsection (4), the product dashboard for a choice product must set out:

                     (a)  the following for each investment option offered within the choice product, worked out in accordance with the regulations in relation to the period or periods prescribed by the regulations:

                              (i)  a return target or return targets for the investment option;

                             (ii)  a return or returns for the investment option;

                            (iii)  a comparison or comparisons between return targets and returns for the investment option;

                            (iv)  the level of investment risk that applies to the investment option;

                             (v)  a statement of fees and other costs in relation to the investment option; and

                     (b)  any other information prescribed by the regulations.

10D  After subsection 1017BA(4)

Insert:

          (4A)  The regulations may prescribe circumstances in which assets of a regulated superannuation fund are, or are not, to be treated as invested in a single asset for the purposes of paragraph (4)(c).

10E  Subsection 1017BA(5) (definition of quarter )

Repeal the definition.

[product dashboard]

(8)     Schedule  1 , page 10 (after line 17) , after item  12 , insert:

12A  Section 1540

Omit “31 December 2013”, substitute “30 June 2014”.

[information relating to investments]

(9)     Schedule  1 , page 10 , after proposed item  12A , insert:

Fair Work Act 2009

12B  Subsection 155A(2)

Omit “FWA”, substitute “the FWC”.

12C  Subsection 155A(3)

Omit “FWA” (first occurring), substitute “The FWC”.

12D  Paragraph 155A(3)(a)

Omit “FWA”, substitute “the FWC”.

12E  Subsection 155A(4)

Omit “FWA”, substitute “the FWC”.

12F  Subsection 155A(5)

Omit “FWA” (first occurring), substitute “The FWC”.

12G  Paragraph 155A(5)(a)

Omit “FWA”, substitute “the FWC”.

[Fair Work Commission]

( 10 )   Schedule  1 , page 10 , after proposed item  12G , insert:

12H  Clause 10 of Schedule 1 (heading)

Omit “ FWA ”, substitute “ FWC ”.

12J  Subclause 10(2) of Schedule 1

Omit “FWA”, substitute “The FWC”.

[Fair Work Commission]

( 11 )   Schedule  1 , page 10 , after proposed item  12J , insert:

12K  Clause 11 of Schedule 1 (heading)

Omit “ FWA ”, substitute “ FWC ”.

12L  Subclause 11(2) of Schedule 1

Omit “FWA” (first occurring), substitute “The FWC”.

12M  Subclause 11(2) of Schedule 1

Omit “FWA” (second occurring), substitute “the FWC”.

12N  Subclause 11(3) of Schedule 1

Omit “FWA”, substitute “The FWC”.

[Fair Work Commission]

( 12 )   Schedule  1 , page 10 , after proposed item  12M , insert:

12P  Clause 12 of Schedule 1

Omit “FWA”, substitute “the FWC”.

[Fair Work Commission]

( 13 )   Schedule  1 , page 14 (after line 15) , after item  39 , insert:

39A  At the end of subsection 29TC(1)

Add:

             ; and (j)  no member who holds a beneficial interest of that class in the fund is precluded from holding a beneficial interest of another class in the fund because of that fact; and

                     (k)  no member is precluded from holding a beneficial interest of that class in the fund because the member holds a beneficial interest of another class in the fund.

[MySuper product]

( 14 )   Schedule  1 , page 14 (after line 20) , after item  41 , insert:

41A  Subsection 29U(4)

Omit “Fair Work Australia”, substitute “the Fair Work Commission”.

[Fair Work Commission]

(15)   Schedule 1, page 14, after proposed item 41A, insert:

41B  Subsection 29VA(8)

Repeal the subsection, substitute:

Administration fee exemption for employees of an employer-sponsor

             (8)  This rule is satisfied if:

                     (a)  the fee is an administration fee charged in relation to one or more members of the fund who hold the MySuper product in accordance with the administration fee exemption for employees of an employee-sponsor (see section 29VB); and

                     (b)  in relation to those members of the fund who hold the MySuper product but in relation to whom the administration fee is not charged in accordance with the administration fee exemption for employees of an employee-sponsor (the remaining members )—the fee would satisfy the charging rule in subsection (2), (3) or (4) if the remaining members were the only members of the fund who held the MySuper product.

Note:          In some circumstances, the RSE licensee may wish to offer a MySuper product for the employees of a large employer or its associates (see sections 29T and 29TB). Any fee set for that MySuper product may differ from the equivalent fee set for another MySuper product within the fund. In other circumstances, a separate MySuper product may not be offered, but instead a lower administration fee charged to the employees of a particular employer-sponsor (see section 29VB).

[administration fee exemption]

( 16 )   Schedule  1 , page 14 (after line 26) , after item  42 , insert:

42A  Paragraph 29VB(1)(b)

Omit “one or more”, substitute “those”.

[administration fee exemption]

( 17 )   Schedule  1 , page 14 , after proposed item  42A , insert:

42B  At the end of Division 5 of Part 2C

Add:

29VE   Percentage-based administration fees may be capped

                   If, under the governing rules of a regulated superannuation fund:

                     (a)  all or part of the administration fee in relation to a MySuper product is charged to those members of the fund who hold the product as a percentage of so much of the account balance of each of those members that relates to the MySuper product; and

                     (b)  the amount of the administration fee is capped at a specified amount; and

                     (c)  the cap is the same for all of those members; and

                     (d)  but for the fact that the administration fee is capped in that way, a charging rule in section 29VA would be satisfied in relation to the administration fee;

that charging rule is taken to be satisfied in relation to the administration fee.

[percentage-based administration fee cap]

( 18 )   Schedule  1 , page 17 (after line 17) , after item  47 , insert:

47A  Section 29XC

Omit “Fair Work Australia”, substitute “the Fair Work Commission”.

[Fair Work Commission]

( 19 )   Schedule  1 , item  72 , page 26 (line 28) , omit “ is void if ”, substitute “is void to the extent that”.

[service providers etc.]

(20)   Schedule  1 , item  72 , page 27 (line 5) , omit “ is void if ”, substitute “is void to the extent that”.

[service providers etc.]

(21)   Schedule  1 , item  72 , page 27 (line 10) , omit “ is void if ”, substitute “is void to the extent that”.

[service providers etc.]

(22)   Schedule 1, item 112, page 36 (line 22), omit “242M(1)”, substitute “242P(1)”.

[infringement notices]

(23)   Schedule 1, item 112, page 39 (line 26), omit “brief”.

[infringement notices]

(24)   Schedule 1, item 112, page 41 (line 10), at the end of subsection 224A(1), add:

            ; and (o)  include any other information prescribed by the regulations.

[infringement notices]

(25)   Schedule 1, item 112, page 41 (lines 11 to 14), omit subsection 224A(2), substitute:

             (2)  For the purposes of paragraph (1)(f), the amount to be stated in the notice for the alleged contravention of the provision must be equal to:

                     (a)  if the provision is an offence provision—one-fifth of the maximum penalty that a court could impose on the person for that contravention; and

                     (b)  if the provision is a civil penalty provision—one-fortieth of the maximum penalty that a court could impose on the person for that contravention.

[infringement notices]

( 26 )   Schedule  1 , page 45 (after line 17) , after item  119 , insert:

Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Act 2012

119A  Subitem 13(1) of Schedule 4

Omit “FWA” (wherever occurring), substitute “the FWC”.

119B  Subitem 13(3) of Schedule 4 (definition of FWA )

Repeal the definition.

119C  Subitem 13(3) of Schedule 4

Insert:

FWC has the same meaning as in the Fair Work Act 2009 .

[Fair Work Commission]

( 27 )   Schedule  1 , item  129 , page 49 (line 4) , omit “ 42 ”, substitute “42B”.

[percentage-based administration fee cap]